HIP Hotels makes the leap to Portugal

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

The Blackstone hotel platform has acquired The Lake Spa Resort, located in the Algarve, within its international expansion project in southern Europe.

Blackstone hotel platform, HIP, has bought The Lake Spa Resort hotel located in the Portuguese region of Algarve after reaching an agreement with the investment firm Oxy Capital. The operation is still pending approval by the Portuguese Competition authorities.

The company will carry out a comprehensive reform and seek a new brand and operator for the hotel, currently managed by Blue & Green, from Oxy Capital. The property has 192 rooms, an artificial lake, three restaurants, and two bars, according to Expansión.

With this purchase, the company strengthens its presence in southern Europe after the purchase of five hotels in Greece for 180 million in September 2019. The fund plans to invest 500 million euros in three or four years to strengthen its presence in the region.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.